All money, the Swiss franc being a small-time exception, is baseless now in terms of an absolute value like gold.

Thus all wealth and debt is relative to the nation's currency -- currency is not that much unlike a stock equity: Its value will float relevant to each country's balance sheet.

Debt/Wealth ratios are all relative -- so were would you rather live?

Where is there wealth to give value to currency.

Would you rather your government be indebted and yourself debt-free or with a manageable debt burden? Or, would you rather be saddled with a heavy personal debt burden and your country debt free? You can't have both it is an either/or proposition.

I love when people say they pay cash for everything -- 95% of them cannot get credit Same applies to countries ...